Labour has been 'bad for business', say company bosses

Almost half of company directors believe that Labour has been bad for business since the party came to power a decade ago, according to a new survey.

Research by the Institute of Directors on the impact of 10 years of Tony Blair's premiership showed support from only one in three business leaders.

Around 45% of the 500 directors questioned said Labour had been bad for industry, citing the main problem areas as regulation, transport, education and skills and energy policy.

Macroeconomic performance was seen as a success story for Labour.

Miles Templeman director general of the IOD said: 'The Government gets credit from IOD members for granting independence to the Bank of England but there is a big thumbs down for the conduct of tax and spend policy.

'Around 46% of company directors think the UK economy is more competitive now than in 1997 while 33% think it is less competitive.

'Company directors appear unwilling to give too much of the credit to the Government.'